Citi Shuts Muni Business That Once Was Envy of Rivals

 

• Bank has plummeted in muni-bond underwriting rankings
• Decision comes as Fraser reshapes firm to meet profit goals

Citigroup Inc. will shutter its municipal business, one of the most dramatic moves yet by Chief Executive Officer Jane Fraser as she seeks to squeeze better returns out of the Wall Street giant.

The bank decided the business, which has tumbled in the rankings for underwriting state and local debt, is “no longer viable given our commitment to increase the firm’s overall returns,” according to a memo to staff seen by Bloomberg News.

https://www.bloomberg.com/news/articles/2023-12-14/citi-shuts-muni-bond-business-that-once-was-envy-of-rivals-c

Oklahoma Governor Signs Executive Order Effectively Banning DEI In All State Institutions

 Following the meltdown on Capitol Hill by "Ivy League" Presidents from Harvard, MIT and Penn, on Wednesday of this week Oklahoma Governor Kevin Stitt signed Executive Order 2023-31, effectively banning diversity, equity and inclusion bureaucracies in state institutions.

Standing in front of a podium which read "DEFUNDING DISCRIMINATION", Stitt announced: “In Oklahoma, we’re going to encourage equal opportunity, rather than promising equal outcomes.”

“Encouraging our workforce, economy, and education systems to flourish means shifting focus away from exclusivity and discrimination, and toward opportunity and merit. We’re taking politics out of education and focusing on preparing students for the workforce," he said at a press conference.

According to the Governor's office, the order says that state agencies and institutions for higher education shall not utilize state funds, property, or resources to:

1. Grant or support diversity, equity, and inclusion positions, departments, activities, procedures, or programs to the extent they grant preferential treatment based on one person’s particular race, color, sex, ethnicity, or national origin over another’s;

2. mandate any person to participate in, listen to, or receive any education, training, activities, procedures, or programming to the extent such education, training, activity, or procedure grants preferences based on one person’s particular race, color, sex, ethnicity, or national origin over another’s;

3. mandate any person swear, certify, or agree to any loyalty oath that favors or prefers one particular race, color, sex, ethnicity, or national origin over another;

4. mandate any person to certify or declare agreement with, recognition of, or adherence to, any particular political, philosophical, religious, or other ideological viewpoint;

5. mandate any applicant for employment provide a diversity, equity, and inclusion statement or give any applicant for employment preferential consideration based on the provision of such a diversity, equity, and inclusion statement; or

6. mandate any person to disclose their pronouns.

Patrice Onwuka, director of Independent Women’s Forum’s Center for Economic Opportunity, commented: "As a nation, we strive for equality of opportunity to give every young person a chance at achieving their American Dream. Race, ethnicity, gender, and heritage should not be used to discriminate against any person. Yet, discriminatory DEI programming has done damage on college campuses—fomenting division between students, eroding free speech rights, threatening academic freedom, and bloating school bureaucracies, which in turn drives up tuition costs."

Onwuka continued: "Furthermore, these efforts do not prepare young women and men for the diverse workforce that values aptitude, grit, and skill, not a sense of entitlement driven by victimhood. We applaud Governor Stitt and the state for taking leadership on removing discriminatory and divisive race-based programming and staffing from Oklahoma colleges and universities. Every student deserves a campus free from discrimination. Thankfully, legal protections already outlaw race-and sex-based discrimination, but this executive order guards against efforts to bypass those protections."

David Safavian, general counsel for the American Conservative Union, commented: "For years, universities and government agencies, even those in red states, have become increasingly beholden to a coercive liberal agenda, often framed under the banner of DEI."

He continued: "The transformation of these institutions has been exposed following the response by major universities in the aftermath of the October 7th terror attack by Hamas. Especially with that in mind, CPAC applauds Oklahoma Governor Kevin Stitt for acting through executive order today to take down DEI in all of Oklahoma’s government. Abolishing DEI bureaucracies and ending mandatory 'diversity' training and DEI hiring statements will ensure Oklahoma’s institutions can focus on the diversity of ideas, rather than shame-based political activism. Oklahomans can take pride in knowing that the content of their character will matter more than the color of their skin."

Following the release, public universities reacted accordingly:

Executive Order 2023-31 can be read in full here. To rewatch the press conference, click here. 

https://www.zerohedge.com/markets/oklahoma-governor-signs-executive-order-effectively-banning-dei-all-state-institutions

Russia Warns If NATO Bases Used For Ukrainian Jets They Could Be Targeted

 With the Russia-Ukraine war now approaching the two year mark (in February), Americans might need reminding that the conflict remains a highly dangerous situation which could at any moment escalate into a WW3 scenario. 

Zelensky's visit to Washington this week was lackluster, and he left without securing what Kiev is hoping for - that Congress would quickly pass Biden's $106 billion war funding request, which also includes defense funds for Israel. Of course, at this point Zelensky has complained publicly that the crisis in Gaza has taken the world's focus off the need to defend Ukraine from Russia's onslaught. 

Though headlines in the West barely took notice, Russia early Wednesday launched a significant ballistic missile attack on the Ukrainian capital, which authorities said injured at least 53 people, including six children, with severe damage to a number of buildings. 

But with Zelensky in Washington, making the rounds to the Oval office and the halls of Congress, the Kremlin issued a fresh warning saying that if Ukraine's military is granted access to NATO airbases for sorties using western-made planes, in would respond while deeming Ukraine's external allies as direct participants in the war.

The fresh warning was announced by Konstantin Gavrilov, head of the Russian delegation to the military security and arms control talks in Vienna:

"We already hear comments that, amid the significant destruction of Ukraine’s airstrip infrastructure, the F-16s handed over to Ukraine may carry out their missions from airbases in Poland, Romania and Slovakia," he said during the OSCE Forum meeting on cooperation in security.

According to the diplomat, Moscow will view this as these countries’ participation in the conflict and will force Russia to resort to "response measures."

Even though certain eastern European allies pledged F-16s long ago, it could still be a lengthy amount of time before Ukrainian pilots are fully trained, enough to be deployed in combat on the US-made warplane. 

Western officials have in recent months admitted that Russia has the upper hand, and that Ukraine's summer offensive failed, but everyone is now putting in place their 'long war' strategies. The Kremlin's new warning and threat also seems part of this longer term planning from Moscow's perspective. 

Russia has been taking notice of the US moving its F-16s to places like Romania, where its entirely possible they could eventually be used by Ukrainian pilots. This is what Russia fears, and it's putting Washington on notice. 

https://www.zerohedge.com/geopolitical/russia-warns-if-nato-bases-used-ukrainian-jets-they-could-be-targeted

COVID-19 Can Remain Undetected In Lungs For 18 Months: Study

 by Amie Dahnke via The Epoch Times (emphasis ours),

The COVID-19 virus can remain in the lungs for months after an individual has been infected—even though it may be undetected by over-the-counter (OTC) tests, a new study finds.

The findings, established by a research team from the Institut Pasteur in France and published in Nature Immunology, indicate that the virus can live in the lungs for up to 18 months after infection in what scientists call "viral reservoirs."

The research team discovered these so-called viral reservoirs by analyzing samples from non-human primate models infected with the SARS-CoV-2 virus, which causes COVID-19. Preliminary results of the study showed the virus was found in the lungs of some animal models six to 18 months after infection, even though the virus went undetected in the blood or upper respiratory tract, such as the nose, throat, or voice box.

The researchers believe these viral reservoirs act almost like dormant geysers that could erupt at any time, especially when activated by some type of stimulus. Whether the virus reactivates may also depend on an individual's innate immunity, the immunity someone is born with.

To understand how innate immunity works against viral reservoirs, the Institut Pasteur team studied how macrophages and natural killer cells worked against the COVID-19 virus, looking for clues in the formation of viral reservoirs.

Macrophages and natural killer cells are types of white blood cells. While a natural killer cell is responsible for destroying infected or diseased cells, macrophages are responsible for removing dying or dead cells and cellular debris. When it comes to COVID-19, macrophages are responsible for the majority of the work in the lungs, the research team indicated, as they comprise 7o percent of the white blood cell count in the lungs.

Also called lymphocytes, natural killer cells are a major building block of a person's innate immunity system. In some individuals in the study, natural killer cells could adapt and control the viral reservoirs; in essence, the cells worked to dry up the reservoir. Researchers noted as natural killer cells increased in the blood, the viral load declined. The natural killer cells could not adapt in other cases, enabling the reservoir to swell. Therefore, the lower the natural killer cell count, the more likely an individual is to have persistent COVID-19 virus or experience a relapse in symptoms, researchers reasoned.

A Clue About Long COVID

Discovery of the viral reservoirs could be a clue as to why some individuals experience long COVID, Michaela Müller-Trutwin, head of the Institut Pasteur's HIV, Inflammation and Persistence Unit, noted in a press release.

Before the publication of the Institut Pasteur study, researchers believed that the reactivation of a dormant COVID-19 virus caused long COVID. The concept of viral reservoirs confirms this previous research. Furthermore, the new research confirms previous thought that long COVID could be caused by overactive immune cells releasing high levels of inflammatory substances into the body.

A January 2023 KFF poll showed that 28 percent of individuals who previously had COVID-19 reported having long COVID. The percentage declined from the first time KFF polled Americans in June 2022, during which 35 percent of Americans with COVID reported having long COVID.

The National Institutes of Health (NIH) reported the risk factors associated with developing long COVID. Individuals who were hospitalized due to the virus, have underlying conditions, are unvaccinated, or have multisystem inflammatory syndrome are likely at a higher risk of developing long COVID, according to the agency.

While most people diagnosed with COVID-19 recover in a few days to a few weeks after infection, some may experience symptoms for four weeks or longer after the initial infection. Individuals with long COVID experience an array of symptoms, but the most common include tiredness or fatigue that interferes with daily life, symptoms that worsen after physical or mental exertion, and fever. A person may also experience multiple respiratory, heart, neurological, and digestive symptoms. The KFF poll reported that long COVID puts significant limitations on an individual's day, with 79 percent of people reporting their daily activity as limited.

There is no cure or specific treatment for long COVID. Treatment plans vary from person to person based on an individual's symptoms.

https://www.zerohedge.com/political/covid-19-can-remain-undetected-lungs-18-months-study

Travere Starts Phase 3 Trial of Pegtibatinase for Treatment of Classical Homocystinuria

  Travere Therapeutics, Inc. (Nasdaq: TVTX) today announced the Company has opened enrollment in the HARMONY Study, a global, randomized pivotal Phase 3 clinical trial of pegtibatinase, a novel investigational enzyme replacement therapy being evaluated for the treatment of classical homocystinuria (HCU). Classical HCU is a rare genetic metabolic disorder caused by a deficiency in the enzyme cystathionine beta synthase (CBS). The study is designed to determine the safety and efficacy of pegtibatinase in reducing plasma total homocysteine (tHcy) levels, a key treatment goal in classical HCU, compared to placebo in participants who are receiving standard of care.

https://www.globenewswire.com/news-release/2023/12/14/2796174/0/en/Travere-Therapeutics-Initiates-Pivotal-Phase-3-Clinical-Trial-of-Pegtibatinase-for-the-Treatment-of-Classical-Homocystinuria-HCU.html

Teva, Biolojic Design Agree to Develop Therapeutic Antibody for Atopic Dermatitis and Asthma

 

• Biolojic’s BD9 is a multibody that was computationally designed as a multi specific antibody targeting IL-13 / TSLP to treat inflammatory diseases.

• Agreement builds on Teva's Pivot to Growth strategy to step up innovation on Teva's innovative pipeline.

• Teva to obtain exclusive worldwide rights to develop and commercialize BD9 multibody for potential treatment for Atopic Dermatitis and Asthma

https://finance.yahoo.com/news/teva-biolojic-design-announce-exclusive-133000897.html

Sutro Investor Webcast Highlights Potential Multi-Cancer Opportunity for Luvelta targeted ADC

 Sutro Biopharma, Inc. (Sutro or the Company) (NASDAQ: STRO), a clinical-stage oncology company pioneering site-specific and novel-format antibody drug conjugates (ADCs), today announced that it will host an investor webcast to highlight the broad opportunity for its foundational ADC program, Luveltamab tazevibulin (luvelta), a novel folate receptor-α (FolRα) targeting ADC which has now shown clinical activity in three different tumor types to date. The live webcast will be held on Thursday, January 4, 2024, starting at 1:30 p.m. PT / 4:30 p.m. ET featuring presentations by members of Sutro’s senior management team and external key opinion leaders in oncology; and concluding with a Q&A session.

The Company is currently enrolling patients in Part I of REFRaME-O1, a Phase 2/3 registration-directed study for patients with platinum-resistant ovarian cancer (PROC). Sutro will highlight the significant opportunity for luvelta in ovarian cancer, as well as the potential for luvelta in a range of additional FolRα expressing cancers, including endometrial cancer, CBFA2T3::GLIS2 (CBF/GLIS; RAM phenotype) acute myeloid leukemia, and non-small cell lung cancer.

Webcast Information:
To access the live audio webcast on Thursday, January 4, at 1:30 p.m. PT / 4:30 p.m. ET, please go to https://ir.sutrobio.com/news-events/ir-calendar

An archived replay of the webcast will be available on the Company’s website following the live presentation.

https://www.globenewswire.com/news-release/2023/12/14/2796695/0/en/Sutro-Biopharma-to-Host-Investor-Webcast-Highlighting-Potential-Multi-Cancer-Opportunity-for-Luvelta-a-FolR%CE%B1-targeted-ADC-on-January-4-2024.html